China Oil And Gas : RETIREMENT OF DIRECTORS

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(Stock Code: 603)

RETIREMENT OF DIRECTORS

The Board announced that:-

(1) Mr. Li Yunlong will retire at the AGM as he would like to spend more time pursuing his own business. Mr. Li will cease to be the chairman of each of the audit committee and the remuneration committee of the Company and a member of the nomination committee of the Company upon his retirement; and

(2)Mr. Liu Chunsun will retire at the AGM due to retirement. Mr. Liu will cease to be a member of the Nomination Committee upon his retirement.

The board (the "Board") of directors (the "Directors") of China Oil And Gas Group Limited (the "Company", together with its subsidiaries, the "Group") announces that:-

• (1) Mr. Li Yunlong ("Mr. Li") will retire by rotation at the forthcoming annual general meeting (the "AGM") of the Company to be held on 17 May 2021 pursuant to bye-law 87(1) of the bye-laws of the Company (the "Bye-Laws"). Mr. Li would like to spend more time pursuing his own business, thus, it is confirmed that Mr. Li will not offer himself for re-election at the AGM and will retire upon conclusion of the AGM. He will cease to be the chairman of each of the audit committee and the remuneration committee of the Company and a member of the nomination committee of the Company (the "Nomination Committee") upon his retirement; and

• (2) Mr. Liu Chunsun ("Mr. Liu") will retire at the AGM pursuant to bye-law 87(2) of the Bye-Laws due to retirement. Mr. Liu confirmed that he will not offer himself for re-election at the AGM and will retire upon conclusion of the AGM. He will also cease to be a member of the Nomination Committee upon his retirement.

Each of Mr. Li and Mr. Liu confirmed that he has no disagreement with the Board or the Company and there is no other matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.

The Board would like to take this opportunity to extend its appreciation to Mr. Li and Mr. Liu for their valuable contribution during their tenure as Directors in the Company.

By Order of the Board China Oil And Gas Group Limited

Chan Yuen Ying, Stella

Company Secretary

Hong Kong, 23 March 2021

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Xu Tie-liang (Chairman and Chief Executive Officer), Ms. Guan Yijun and Mr. Liu Chunsun; and three independent non-executive Directors, namely Mr. Li Yunlong, Mr. Wang Guangtian and Mr. Yang Jie.

* for identification purposes only